Polygon’s Investment in BFF’s Fund II Will Accelerate Blockchain Development and Drive Widespread Adoption
SINGAPORE, September 30, 2022 /PRNewswire/ — Blockchain Founders Fund (BFF)a Singapore-venture capital fund based on global Web3 and blockchain startups, announces today that Polygonan Ethereum scaling platform integrating millions of people with Web3, made a strategic investment in its Fund II to diversify the company’s holdings and advance the widespread adoption of blockchain technology.
Blockchain Founders Fund has an impressive portfolio of over 100 companies in the Web3 space with an equally impressive track record of effectively tailoring them to targeted audiences. These companies include blockchain-powered no-code game studios (GRID), social intelligence for cryptocurrencies (Lunar Crush), and various other applications built on the blockchain infrastructure.
Fund II, which focuses on promising Web3 and metaverse startups, was launched in January after raising $75 million from a host of top crypto investors. Participating investors included NEO Global Capital (NGC), Appworks, Sebastien BorgetCOO of The Sandbox and co-founder of Polygon Sandeep Nailwal.
This latest partnership marks another fruitful collaboration between BFF and Polygon. Previously, BFF co-invested alongside Polygon in top blockchain companies such as Exploded Earths and Altered state machine to accelerate and strengthen decentralized applications. This collaboration will enable both companies to deliver exceptional value propositions to web3 founders and entrepreneurs with high potential to revolutionize industries.
Sandeep Nailwalco-founder of Polygon, said: “To realize the vision of Web3 and help its widespread adoption, it is essential that we help entrepreneurs create innovative products and infrastructures. We look forward to working alongside the Blockchain Founders Fund, which shares our vision. and believe in the transformative potential of Web3.”
With just over 37,000 decentralized applications (dapps), Polygon is quickly becoming the de facto platform for Web3. The network offers a range of premium services from decentralized finance (DeFi) apps such as Aave, Curve, Balancer and Uniswap, to top gaming and metaverse platforms including Decentraland, Somnium Space and The Sandbox. Polygon also powers the mass market, helping major global brands including Starbucks, Adobe, Clinique and others integrate Web3 functionality.
“Adding one of the biggest crypto companies such as Polygon as a partner will broaden our investment profile and our ability to invest in a wider range of start-ups,” commented Aly Madhavji, managing partner of the Blockchain Founders Fund. “Their industry expertise will go a long way in connecting us with the best breed of high-potential companies that are building real solutions to real problems.”
Polygon is the leading blockchain development platform, delivering scalable, affordable, secure and durable blockchains for Web3. Its growing suite of products provides developers with easy access to leading scaling solutions including L2 (ZK Rollups and Optimistic Rollups), Sidechains, Hybrid, Autonomous and Enterprise Chains, and Data Availability . Polygon’s scaling solutions have been widely adopted with over 37,000 decentralized applications hosted, over 1.94 billion transactions processed, over 164 million unique user addresses, and over $5 billion in secure assets. The network is home to some of the biggest Web3 projects like Aave, Uniswap, OpenSea, and well-known companies like Meta, Stripe, and Adobe. Polygon is carbon neutral with the goal of leading the Web3 ecosystem by going carbon negative.
About the Blockchain Founders Fund
Blockchain Founders Fund (BFF) is a Singapore Seed-based venture capital fund that invests in leading Blockchain startups globally. Their industry-leading go-to-market Venture program helps seasoned and entry-level entrepreneurs in key business functions accelerate growth. BFF has scaled many of the leading Blockchain startups and is always looking to connect with outstanding founders across the Web3 and Blockchain ecosystems.
SOURCE Blockchain Founders Fund